In today’s FinTech news, Revolut is testing the BNPL waters in Ireland, while senators try again with the Payment Choice Act. Plus, NerdWallet signed an acquisition deal for the consumer debt robo-advisor platform On the Barrelhead.
Revolut Pilots BNPL Product in Ireland
Revolut is launching a buy now, pay later (BNPL) product and is testing it first in Ireland for its 1.9 million customers there. Qualifying users get a credit limit of 499 euros ($524). The digital payments firm plans to launch the installment credit service in Poland and Romania later this year.
NerdWallet Signs $120M Deal for On The Barrelhead
Financial guidance firm NerdWallet is acquiring consumer debt robo-advisor platform On the Barrelhead for roughly $70 million in cash and $50 million in NerdWallet Class A common stock. The acquisition gives NerdWallet a wider scope of offerings into new financial categories and reinforces the company’s ability to integrate vertically.
Embedded FinTech Startup Colendi Acquires Blockchain Firm SETL
Multifunctional banking as a service (BaaS) platform Colendi is acquiring blockchain settlements and payments provider SETL for undisclosed terms. Having access to SETL’s intellectual property and expertise can help Colendi as it works on a new public blockchain infrastructure to host native tokens and smart contracts.
Senators Reintroduce Bill to Preserve Freedom of Payment Choice
The bipartisan Payment Choice Act is being reintroduced, which would give people wider choices in how they pay for goods and services. The legislation would prohibit merchants from refusing to accept cash or charging a higher price to cash-paying customers. Introduced by U.S. Sens. Bob Menendez (D-N.J.) and Kevin Cramer (R-N.D.), the bill aims to protect underserved populations that often rely on cash.
Five EU FinTechs Using AI to Support Consumers, Businesses
In Europe, startups are tapping Big Data and machine learning to answer challenges in the diverse FinTech ecosystem. Five European startups — Fluidly, Cleo, Fraugster, OakNorth, and Lucinity — are paving the way in artificial intelligence (AI) in FinTech.
